کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
959981 | 929395 | 2013 | 25 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Human capital, capital structure, and employee pay: An empirical analysis
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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چکیده انگلیسی
We test the predictions of Titman (1984) and Berk, Stanton, and Zechner (2010) by examining the effect of leverage on labor costs. Leverage has a significantly positive impact on cash, equity-based, and total compensation of chief executive officers (CEOs). Compensation of new CEOs hired from outside the firm is positively related to prior-year firm leverage. In addition, leverage has a positive and significant impact on average employee pay. The incremental total labor expenses associated with an increase in leverage are large enough to offset the incremental tax benefits of debt. The empirical evidence supports the theoretical prediction that labor costs limit the use of debt.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 110, Issue 2, November 2013, Pages 478–502
Journal: Journal of Financial Economics - Volume 110, Issue 2, November 2013, Pages 478–502
نویسندگان
Thomas J. Chemmanur, Yingmei Cheng, Tianming Zhang,